FKLI Daily Commentary for 19th Mar 2010

FKLI Mar Futures contract traded 10 point lower to close at 1297 levels as compare to previous trading session to with a total of 4,390 lots traded in the market. FKLI was lower after long consolidation above 1300 regions before starts to plunge lower as most of the regional indices were traded lower upon close for trading sessions.
FKLI traded lower after break down from symmetric triangle in the hourly price chart where previous support levels seen at 1304 regions. Technically, FKLI underway wave count 5 where resistance levels at 1310 and 1316 must not be violated during trading sessions. However, FKLI wave count 5 would encounter some support around 1290 and 1284; both were 61.8% and 78.6% Fibonacci support levels. Failure to hold above the support levels shall indicate further correction phase that trigger much selling activities.